What are the perks of switching my direct deposit to EarnIn’s banking partner?
Switching my direct deposit to EarnIn’s banking partner offers an upgraded experience:
- Access your paycheck up to two days early with Early Pay for a $2.99 Lightning Speed fee charged by our banking partner, or use the standard transfer to deliver your paycheck on your employer’s scheduled payday for no cost.
- If you are a Cash Out customer:
- A higher Pay Period Max ($50-$300 more, capped at $1,000). To qualify for a Pay Period Max increase, your direct deposits must be at least $250 if you get paid weekly, $500 if you get paid biweekly, or $1,000 if you get paid monthly.
- You get a discount on Lightning Speed, every time you Cash Out. For current fees, please see the Lightning Speed Fee table.
What is a qualifying direct deposit?
A qualifying direct deposit is a recurring deposit into your bank account from a reliable income source. This typically includes:
- Paychecks from your employer or payroll provider
- Pension payments
- Social Security benefits
Bank transfers, mobile check deposits, or peer-to-peer payments (like Venmo or PayPal) do not count as qualifying direct deposits.
How much does my direct deposit need to be for my Pay Period Max to increase?
To qualify for a Pay Period Max increase, your direct deposits must be at least $250 if you get paid weekly, $500 if you get paid biweekly, or $1,000 if you get paid monthly.
How much does Early Pay cost?
$2.99 charged by our banking partner if you select the Lightning Speed option to get your paycheck in your linked bank account up to 2 days early. Please note, if you select the standard transfer option, your paycheck will be routed to your linked bank account for free on your regular payday.
Will opening a Deposit Account with EarnIn’s banking partner affect my credit score?
Nope! When you open a Deposit Account, the process does not involve a hard credit check, which is the type of inquiry that can impact your credit score.
Routing your direct deposit to the Deposit Account is a standard banking function and does not involve any credit-related activity. Since the Deposit Account isn’t tied to credit approval or borrowing, there’s no reason it would influence your credit score.
I received paper checks while switching my Direct Deposit to the Deposit Account. How will this affect my EarnIn account?
You may incur overdraft fees due to EarnIn debiting your linked bank account. Also, your Pay Period Max may decrease. If you experience any of these situations, please contact our community advocates for support via chat or by emailing care@earnin.com. We’ll review your EarnIn account and assist you.
Additionally, it’s a good idea to confirm with your employer that your next paycheck is set up for direct deposit to your Deposit Account.
What happens if my paycheck isn’t enough to cover my transfers, Lightning Speed Fees, and voluntary tips?
If your direct deposit isn't enough to cover the earnings you have accessed in advance, Lightning Speed fees, and voluntary tips, EarnIn will attempt to collect the remaining balance from your linked bank account. These debits will be processed via same-day ACH on your expected payday to help ensure repayment is completed smoothly.
Can I send my direct deposit to a different bank?
You have full control over where you deposit your paycheck. If you want to switch to a different bank you can contact your employer to update your direct deposit details.
You can continue using EarnIn’s Cash Out service as long as your linked bank account is receiving direct deposits, but you will lose the discounted Lightning Speed Fee benefit.
If you wish to close your Deposit Account permanently, contact EarnIn’s customer support. You won’t be eligible to sign up for a Deposit Account or EarnIn Card again if you do so.